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Managerial Accounting Midterm Study guide

by: Emanuel Nunez

Managerial Accounting Midterm Study guide Acc 204

Marketplace > Pace University > Accounting > Acc 204 > Managerial Accounting Midterm Study guide
Emanuel Nunez

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About this Document

This guide should have more than what the professor says is going to be on the midterm since it has what I anticipate to be on the midterm.
Managerial Accounting
Professor Hannon
Study Guide
Accounting, managerial accounting, Professor Hannon, Acc 204
50 ?




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This 2 page Study Guide was uploaded by Emanuel Nunez on Friday March 11, 2016. The Study Guide belongs to Acc 204 at Pace University taught by Professor Hannon in Spring 2016. Since its upload, it has received 50 views. For similar materials see Managerial Accounting in Accounting at Pace University.

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Date Created: 03/11/16
Managerial Accounting Midterm Study Guide According to the professor, the questions on the midterm are questions that will be on the exam. He has told us that there are no surprises in person and in emails. This was the guide he sent us by email: For EVERY Chapter, among other things, review ALL of the CW exercises done in class and the HW assignments; the examples/exhibits throughout each chapter; and  EACH Chapter's Review Problem(s) at the end of the chapter. ­ Comparison of Financial and Managerial Accounting – Chapter1, page 2 ­ Three Pillars of Managerial Accounting – Chapter 1, page 3 and 4 ­ Six Business Management Perspectives – Chapter 1, pages 8 thru 18 ­ Ethics – Chapter 1, page 10, Exhibit 1­6 ­ Cost Classifications for Assigning Costs to Cost Objects – Chapter 2, pages 28­29;  for Manufacturing Companies (pages 29­30); for Predicting Cost Behavior  (pages 33­38); for Decision Making (pages 45­47) ­ Analysis of Mixed Costs with emphasis on the High­Low Method – Chap. 2, pages  38­43 ­ Traditional and Contribution Format Income Statement – Chapter 2, pages 44­45 ­ Job Order Costing – Chapter 3 The Yost Precision Machining Company, pages 85­ 93 ­ Job Order Costing – The Flow of Costs – Chapter 3, pages 93­104 including Journal  Entries, the T­Accounts, and an absolute emphasis on Exhibit 3­11 on page  102! ­ Disposition of Under or Over Applied MOH, pages 106­107 and an understanding of the difference between “Unadjusted and Adjusted” Cost of Goods Sold on page 102 ­ General Model of Cost Flows, Exhibit 3­14 on page 108 ­ Cost Volume Profit (CVP) Analysis – Chapter 5 (page 189­196) CM per unit,  depiction in Graphic Form, and CM Ratio. Different Applications of CVP  Concepts (196­200) ­ Break Even and Target Profit Analysis­ Chapter 5, page 200­203 ­ Margin of Safety – Dollars, as a percentage, and in terms of units – Chapter 5, page  204 ­ Cost Structure (Bogside and Sterling) and Operating Leverage – Chapter 5, page  205­208 ­ Activity­Based Costing – Chapter 7 understand the Overview (page 287­288) which  discusses how Non­mfg. and Mfg. Costs are considered in ABC; all of Classic  Brass, Inc. Exhibits (especially Exh. 7­6 on page 297) – and how they were  developed, getting the Activity Rates (Exh. 7­7), using those rates to assign OH costs to products (Exh. 7­9), assign OH costs to customers (Exh.7­10) ­ Product Margin – Chapter 7 (Exh. 7­11) and Customer Margin (Exh. 7­12) and  understand what causes the difference between the two (i.e., Customer  Relations) ­ Comparison of Traditional vs. ABC P&L, page 293 vs. page 304, respectively ­ Master Budget­ Chapter 8 Estimates and Assumptions (Exh. 8­2); all of the  Hampton Freeze, Inc. case and schedules (pages 348­360) AND how they culminate in  the Cash Budget (pages 360­364) with an absolute emphasis on Schedule 8, page 362 Other topics that he may not have put in here but that I anticipate may be on the exam are:  Classifying what cost concepts go with what scenarios. Example: a problem may ask to declare that something is a variable cost, product cost, prime cost, etc.  Learn how to make the journal entries for chapter 3 Job-Order Costing  The High-Low Method  The changes in fixed cost, selling price, and sales volume  Margin of Safety Percentage  Degree of Operating Leverage  Learn how to calculate the different budgets  The flow of goods: Raw materials, Work in Process, Finished Goods, COGS  The different formulas for COGS, cost of goods manufactured, total manufacturing costs. Pretty much, we may have to study literally EVERYTHING in all six chapters.


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